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Microsoft Office 2007 and Microsoft Office 2010 will work fine with Windows 7 and the Professional Plus version is a good package.
You haven't said where you live, but you do mention being a new student. That being the case, do a search on Google for student versions of Microsoft and Adobe software.
Microsoft also sell their own Home & Student versions so you could also check the Microsoft store online.
For example, here in the UK, Microsoft Office that retails at over £400 can be bought by students for £38.
You might also want to consider OpenOffice, which is a good, free alternative.